Ethereum vs. Bitcoin, that is the question amongst all cryptocurrency circles. Each has their own unique benefits with Bitcoin being more accessible and more widely known. Meanwhile Ethereum has the potential to truly revolutionize the online gambling industry, through the use of it’s smart contracts and a more efficient network. Ultimately the rise of Ethereum gambling is one to watch this year and in this article, we’ll provide you with all you need to know about Ethereum and more importantly, how to start Ethereum Gambling.
What is Ethereum?
Created in 2014 Ethereum is the creation of a young programmer called Vitalik Buterin who, spotting the inefficiencies in Bitcoin while still seeing the potential sought to improve upon this and develop his own technology built on the blockchain. Ethereum provides a unique technology through the use of smart contracts, these are different from a proof of work system like Bitcoin in that they simply enforce a particular outcome on the blockchain. Smart contracts are visible and irreversible. Providing a secure and immutable software that is designed to built upon by others. Ethereum is simply a technology that invites others to write their own programs using it.
How does Ethereum Gambling work?
This brings us to Ethereum gambling, which more commonly refers to gambling with the cryptocurrency token supplied by Ethereum known as ether, rather than actually gambling with sites that are built entirely on Ethereum. While these sites do exist, they are still rather rare and are rather hard to locate. Choosing between the two of these sites is a trade off and with true Ethereum casinos you get all the benefits of Ethereum technology such as being able to check if a casino is provably fair without outside regulators. With gambling sites that accept Ether you will simply get a casino that accepts Ether as payment for deposit and withdrawals, this isn’t necessarily a bad thing as there are many good sites and a lot more than true Ethereum casinos, but they cannot give all the benefits of a proper Ethereum casino.
How to start Gambling with Ethereum:
- Buying your Ethereum
First step with starting any form of cryptocurrency gambling is to first actually acquire the crypto currency, due to the fact that any Ethereum or Ether accepting casino will only provide the options to deposit the cryptocurrency, not buy it. We recommend first finding a trusted exchange such as Coinbase for this.
- Finding the game
Poker, Dice or Roulette; these are just some of the games available to you on your Ethereum gambling site. This entirely depends on what you want to play, but you need to know beforehand what you want to play because as of now a true Ethereum casino doesn’t exist, rather single game based sites are what you will find. So with your game in mind it is now time to…
- Choose your site
Choosing the right Ethereum gambling site, depends on a number of factors but most importantly it depends on what you what you want from the site, do you want a true Ethereum gambling experience, or just to play using Ether. Once you have found this it’s time to locate the top Ethereum gambling sites by doing a quick search on a trusted crypto gambling comparison site such as Bitcoin Gambling 101, or checking out our guide on Ethereum Casinos.
- Verifying the fairness
Ethereum gambling provides a truly fair gaming experience so you are reassured of the safety of the game, however in this unregulated market it is not unknown for sites to claim to be fair; when the reality is often far from it. A quick google search for information around the site will provide you with user reviews and information for you to verify the claims and ensure you’re playing at a trusted site.
Is that it?
Essentially yes, following this guide will ensure that your entry into the fun and exciting world of Ethereum gambling starts off strong, and that you don’t fall foul to any dirty industry tricks. Ethereum gambling stands to revolutionize the gambling industry, now it is time to ask yourself; do you want to be a part of that?